Check out the companies making headlines before the bell:
Nike (NKE) – Nike slumped 10% in the premarket market after it reported a 44% rise in inventories for the most recent quarter and said it would offer more discounts around the holiday season. The athletic footwear and apparel maker reported better-than-expected earnings and sales for its latest quarter.
Micron Technology (MU) – Micron gained 1.5% premarket after beating estimates with its latest quarterly results, though revenue came in below forecasts. The chipmaker also issued a weaker-than-expected sales outlook, saying sales will be hurt by slowing demand for consumer electronics.
Amylyx Pharmaceuticals (AMLX) – Amylyx rose 9.3% in the premarket after the FDA approved its new ALS drug. The treatment slows disease progression, improves survival and is the first ALS drug to receive FDA approval in five years.
Rent-A-Center (RCII) – Rent-A-Center plunged 18.1% in the premarket after the hire-purchase company lowered its earnings guidance for the current quarter. The company said current economic conditions have impacted retail traffic and customer payment patterns.
Blue Apron (APRN) – Shares of the cooking box company initially fell premarket after it was announced that Chief Financial Officer Randy Greben will step down on Oct. 17 to take a position at another company. However, it subsequently recouped those losses and rose 2.7%.
Generac (GNRC) – Generac is up 1.6% in premarket trading after Cowen began reporting on the electronics maker with an above-average rating. Cowen said a housing market slowdown and economic uncertainty are already priced into the stock.
Voya Financial (VOYA) – The financial services company’s stock was upgraded to overweight from neutral by Piper Sandler, citing a number of factors including an attractive valuation and a product portfolio that benefits from inflation. Voya is up 1.2% premarket.